Member Info for Bebeto

Pred, I'm going to guess it's because it's a partial MRE and the rest of it will tie in with the drilling further out. We'll get an updated MRE at some point and it will contain the extra ounces.

Taken from the 12th July RNS:

"Significant 202% increase in the Measured and Indicated category, with 56% of the contained ounces (317.6koz) now in Measured and Indicated (previously 105koz).

· Result supports at least a 10-year Life of Mine for the current Project expansion, targeting 24,000oz per annum"

There's a massive discrepancy in the whole RNS including this part.

But what does it mean? Either they're total amateurs or they're trying to hide a lot of gold.

I'm banking on the latter.

I'd like to see an exploration update because that's where I feel the best news will come from.

Market just isn't the buying tweets & interviews here , it's getting like jam tomorrow syndrome.

My theory hinges on how much debt they go for:

$5m just upgrades and little more.

$10m+ game on.

I

RPdard, Align research said there was another producing Kilimapesa mine in the pipeline, the 24k production would give enough leeway for the company to buy this asset and finish the upgrades, from raising funds through debt offset by future production.

Lol 2 gold mines both with 10m ounces.

Gold mine 1 has profits of $50m

Gold mine 2 has profits of $100m

They wouldn't have same MCAP, surely everyone can see that?

Swamp, you're missing the point I was making.

Currently we would use this formula:

Ounces produced X gold price - AISC = PROFIT

In the future it would be:

Ounces produced X gold price - AISC - DEBT = PROFIT.

You wouldn't expect the MCAP to be the same for both formulas untill the liabilities are paid.

Think you guys are missing something in your 24k = £30m MCAP calculations.

They're going to borrow against future production, so say they borrow on 50% production they'll have to pay that back which would leave them with 12k production equivalent.

Until we know how much and the terms it's hard to work out.

The main concern for me is the lack of commercial investment and they don't seem to be actively attracting any.

As we can see with private Investors any significant rise cannot be sustained, so wen this does eventually rise we know what will follow.

Paul Reeves is too experienced a CFO, it's in place just wait for the RNS which will only come out when they can access it.

I've no doubt that news is close because:

We know by the decrease in production they're virtually out of working capital.

It would be reckless to spend the small amount of funds left on building a new laboratory without additional funding in place.

I'd like to see proper news followed by commercial investment taking up positions here.

Commercial's will be a professional validation for us for the prospect for further growth.

mm's are having a field day with us here.

-30% from IPO and they're giving us a spread of 15% , to top it off marking us down currently -3.45%

They're also feeding off the company's preferred ramping mechanisms of tweets & interviews.

We need proper RNS data to turn things around, the market isn't buying it.

The company has made significant progress since the IPO therefore the SP should be higher than IPO price so what is it they don't like?

I've switched off from anything they put out unless it's in an RNS.

Year to date the SP is -40% so no interviews or tweets are cutting it for me.

I'm going to refrain from praising until I'm back in profits.

I've been thinking about the significance of this new lab as they already had a lab, so the old one must have been no longer fit for purpose.

It looks like 50/50 exploration/production testing.

Not expecting major increase in production until October earliest.

Not expecting major increase in exploration as they only have 2 rigs already working hard.

We're still waiting to see how big this non dilutive capital investment is going to be but I wouldn't bet against them getting more drill rigs, even if they're leased.

Usually I'd think follow the money but my head says I've more than enough invested

It's great that a private Investor holds 10% but I'd rather see two commercial's hold 5% each as it carries much more weight with the markets.

Glad to see director buys but how unusual the price was?

My guess is they will forward sell a percentage of next year's production to buy another working mine in Uganda or South Sudan. Tanzania asset is at least 2 years away from producing.